The Nasdaq Composite surged 10.94% or 1,669 points to 16,9367 at 2.31 pm. Wall Street’s other indexes Dow Jones rose 7.4% and S&P 500 was up 8.5%
Tesla surged 41.76 points or 18.82% to close at 263.62, Intel rose 3.08 points or 16.96% to 21.20, NVIDIA jumped 15.58 points or 16.18% to 111.88, Apple gained 17.51 points or 10.15% to 189.93, and Amazon climbed 16.77 points or 9.83% to 187.43.
American Airlines soared 1.74 points or 19.17% to 10.81, Ford Motor Company advanced 0.74 points or 8.46% to 9.43, and Bank of America rose 2.27 points or 6.48% to 37.30.
“I have authorized a 90 day PAUSE,” Trump said, after recognizing the more than 75 countries that he said have been negotiating on trade and had not retaliated against his latest increase in tariffs.
Trump, though, also said that he was raising tariffs even higher against China, up to 125%. The world’s second-largest economy has been ratcheting up its own tariffs on U.S. goods and announcing other countermeasures with each move Trump has made.Huge swings have become routine for financial markets worldwide recently, not just day to day but hour to hour, as investors struggle to game out what Trump’s trade war will do to the economy. On Tuesday, the S&P 500 careened between a gain of 4% and a loss of 3% for a second straight day of shocking reversals.
Airline stocks surge
Airline stocks rallied sharply on Wednesday afternoon following President Trump’s announcement, lifting the entire sector.
Delta Air Lines jumped over 22% after reporting Q1 earnings, marking its best day since March 2020. United Airlines surged more than 19%, eyeing its strongest performance since May 2020.
Southwest Airlines gained 12%, while JetBlue Airways and Alaska Air both advanced more than 12%. Travel platform Expedia also climbed over 15%.
